The Central Bank of Nigeria (CBN) has within the last seven years of President Muhammadu Buhari’s administration destroyed banknotes worth N6 trillion.
Reports from the CBN’s operations department between 2016 and 2020 reveal that mutilated banknotes worth N4.1 trillion were destroyed under the Buhari government.
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About 80% of the N3.23 trillion banknotes are are are currently in circulation are expected to be destroyed due to the redesigned banknotes. This singular act of the Buhari government will if summed up will mean that a total of N6 trillion naira notes have been destroyed.
While the destruction of N4.1 trillion in bad notes gulped about N3.88 billion between 2016 and 2020. The CBN has spent about N281.07 billion to bring out banknotes between 2016 and 2020 and another N3.88 billion to destroy bad notes.
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Data gotten from CBN shows that N33.37 billion was used to print new notes in 2016 and the amount spent went up to N49.52 billion and N64.04 billion in 2017 and 2016.
Towards the end of 2019, N75.52 billion had been expended on printing new notes as the amount spent went down in 2020 to N58.07 billion.
